Possible incoming rebound.
I think USOIL was previously in a corrective ABC wave, but this time it tested a lower low. In my opinion, if you are an aggressive trader, you can consider buying now because C wave is probably finished already (-20% like the A wave). But if you want to be safe, you shouldn’t buy oil yet until 17.55. A SL will be at $16. Target price will be 23.32.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.